Governance & Compliance episode 5: The launch of PISCES

Ashurst Legal Outlook Podcast

The UK government has launched three consultations to shape its new sustainability reporting framework, while a new private share trading platform 'PISCES' offers companies an alternative route to liquidity for private companies.

In the fifth episode of Ashurst’s Governance and Compliance mini-series, Will Chalk is joined by Becky Clissmann and Marianna Kennedy to unpack two major developments in the UK corporate environment, which includes a trio of new government consultations on sustainability reporting, and the introduction of ‘PISCES’ (Private Intermittent Securities and Capital Exchange System), a new trading facility for private company shares.

Becky breaks down what the three UK consultations mean in practice, including the move to adopt international sustainability standards (IFRS), potential new requirements around climate-related transition plans, and proposals for auditing sustainability disclosures. She outlines what companies can do now, including conducting gap analyses, checking scoping criteria, and preparing for eventual legislative changes.

Marianna explains how PISCES is set to open up liquidity options for private companies. She describes how the system works, who it applies to, and what the benefits are, including potential tax advantages and tighter control over trading.

The discussion also reflects on whether the UK is diverging from the EU in its approach to sustainability, how the PISCES regime fits into wider capital markets reform, and what all this means for boards, legal teams and company leadership in the months ahead.

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